There was no night trade for the holiday. Markets are called mixed this morning with corn, beans, and wheat expected to remain within their recent ranges.

Managed funds on Tuesday were estimated as net buyers of 1kcorn to push the net long to 176k, net buyers of 2k beans to reduce the net short to 76k, and net sellers of 2k wheat to push the net short out to 94k.

Russian govt. data showed their 2024 wheat crop totaled 82 mmt (USDA 81.5). The largest producing area’s crop was down 30% from the prior year after spring frosts were followed by a summer drought. They estimate 2025/26 wheat exports at 36.4 mmt, which is down from the USDA’s forecast this year of 47 mmt.

China said they were launching a decade-long plan to boost consumption of cereal grains and develop the industry through higher production.

China estimated their sow herd at 40.80 m, which is down 1.9% from the prior year.

The U.S.$ is set to finish the year with large gains with the index currently trading at the highest levels since late 2022.

Corn posted a higher high, higher low, and higher close Tuesday with prices pushing to the upper end of the range and to resistance near 4.50. The market is overbought. Support is 4.30 and resistance 4.50.

Beans posted a lower low and lower high on Tuesday, but prices reversed from lows to finish with gains. The market is near the middle of its recent range with directional indicators neutral. Support for Jan. is 9.50 and resistance 9.80.

Corn has recovered to the top of its recent range. The outlook in the short run is unchanged with expectations for prices to remain range-bound with sellers expected to emerge near the 4.50 level and above. Strong demand and uncertainty about South American corn production are expected to provide support on pullbacks. With the market at the top of the range, producers can look at zero-cost option strategies to protect unpriced bushels.

Beans have seen a large bounce from last week’s lows following reports of a large export sale that was made to China. The outlook is unchanged with a record crop in Brazil expected to be an upside limiting factor moving forward. With the market back near long-term resistance at 9.80, producers can buy puts to protect unsold bushels.

Corn is called unchanged

Beans are called 1 lower

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